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Wendy's vs Shake Shack: WEN and SHAK compared
Wendy's is the larger company: $547M of revenue in its latest quarter (Q3 2026) against $423M for Shake Shack (Q3 2026). Shake Shack is growing faster (+15% against -0.5% a year earlier). Wendy's is more profitable, with an operating margin of 10.2% against 5.1%.
Where the money goes: WEN and SHAK
Wendy's (WEN) · Q3 2026
Wendy's, Q3 2026: revenue $547M (-0.5% year over year), operating margin 10.2%, net earnings $15.1M, operating cash flow $79.0M. The chart follows the revenue to costs, profit and cash.
Shake Shack (SHAK) · Q3 2026
Shake Shack, Q3 2026: revenue $423M (+15% year over year), operating margin 5.1%, net earnings $16.5M, operating cash flow $70.6M. The chart follows the revenue to costs, profit and cash.
| Wendy's (WEN) | Shake Shack (SHAK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $547M | $423M |
| Revenue growth, Y/Y | -0.5% | +15% |
| Operating margin | 10.2% | 5.1% |
| Net earnings | $15.1M | $16.5M |
| Net margin | 2.8% | 3.9% |
| Operating cash flow | $79.0M | $70.6M |
| Free cash flow | $61.7M | $13.1M |
| Market value | $1.6B | $3.0B |
| P/E | 16.1× | 63.6× |
| Analysts’ mean target | $7.53 | $81.42 |
Where the revenue comes from
Wendy's
- Sales: $235M (43%)
- Franchise royalty revenue and fees: $142M (26%)
- Advertising funds revenue: $111M (20%)
- Franchise rental income: $58.5M (11%)
Shake Shack
- Shack sales: $408M (96%)
- Licensing revenue: $15.2M (4%)
Questions
Which is bigger, Wendy's or Shake Shack?
Wendy's is the larger company: $547M of revenue in its latest quarter (Q3 2026) against $423M for Shake Shack (Q3 2026).
Is Wendy's or Shake Shack growing faster?
Shake Shack is growing faster (+15% against -0.5% a year earlier).
Which is more profitable, Wendy's or Shake Shack?
Wendy's is more profitable, with an operating margin of 10.2% against 5.1%.
More: Wendy's earnings · how Wendy's makes money · Shake Shack earnings · how Shake Shack makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.